Late last year a short sale property in Plantation, FL with a FNMA 1st and SunTrust HELOC received a $295k offer. FNMA servicer counters at $305k based on a bad BPO. SunTrust never acted; Buyer walks.
Since Christmas three direct comps have closed within 300 yards of the Subject Property; same model, all priced $240k-$260k, arms length non-distressed sales.
Last month we deliver a $265k cash offer to the FNMA servicer along with the comps. The next day the service counters $300k with the Seller to bring an additional $10k to the closing. We immediately contact FNMA via MLS Short Sale Assistance Desk; 24 hours deal approved at $265k as presented without the Seller's $10k "contribution" to boot.
We received approval within 48 hours with FNMA's assistance. FNMA's offer to SunTrust junior HELOC is their standard $6k on a $100k +/- balance.]
Now we sit and wait, sit and wait, sit and wait. Calls and emails to SunTrust's management go without even the common professional courtesy of a reply.
Jackie.ballos@suntrust.com - VP Loss Mitigation Escalation Office of President
Christa.eskra@suntrust.com - Supervisor Loss Mitigation for all Consumer loans (HELOC)
These institutions are their own worst enemies and their staff, even at such a senior level, hurt their situations through their failure(s) to respond in a timely fashion.
Has anyone else experience similar problems with SunTrust in these regards?
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Stephen I have closed quite a few Suntrust short sales and have always found them very easy to work with. Their approvals are not buyer specific and they have no problem with a buyer making contributions on behalf of the seller. But....i don't have any contacts for you. Never had to escalate.